During 2019 we were heavily investigating a possibility of launching an #IEO for Discoperi. Started as an alternative to the cancelled #ICO, IEO looked to us more legit and reliable as a good exchange could be a nice partner for us. Meanwhile we were building our product, generating sales leads, creating momentum, etc.
During this period we have been approached by 20+ exchanges with the proposals of launching our IEO on their facilities. And we were lucky that we chose none. We were preciously caring our virginity because we were aware that if we let it go easily — there much more downsides than upsides in exchange.
Here is what we did right:
- Checked communication channels and squeezed them to a single one. People approached us in various forms (telegram, linkedin, etc.) — to lower the scam probability we referred them to our official email: email@example.com. About a half has been blocked by our e-mail service provider
- Validated with the exchanges directly. Any communication has been validated. There is a trust among small circle of professionals, thus we could get quite fast replies. Another 25% were gone
- Said “No” to upfront fees. This is the essence. If an exchange is strong — it makes lots of money from the trading volume (trust me — a lot), and allows you to get in because it’s in its interest. If the exchange is weak — it charges you upfront fees. And we definitely this is not an exchange we are looking for.
- Investigated the token trades on exchanges in order to find potential manipulation
- Did much more on top of mentioned…
You may say we did too much for a startup. And you will not be far away from the truth. But we don’t perceive ourselves as a regular startup. We work to make a large change in the future. This requires us to be very careful.
You may say we don’t actually want an IEO. Well, in fact we proceed with other funding opportunities in parallel, because the real world may try to compete with #crypto, although valuations are much lower.
To wrap it up, we are still looking for a good #IEO platform. But if it doesn’t come along — well not that big problem. Eventually the time will put everyone on their places.